OECD Economic Surveys V o lu m KOrEa e 2 OECD Economic Surveys 0 1 SPECiaL FEaTUrE: HEaLTH-CarE rEFOrm 0 / 1 2 KOrEa most recent editions Australia, October 2008 Poland, April 2010 Austria, July 2009 Portugal, June 2008 Belgium, July 2009 Romania, October 2002 Brazil, July 2009 Russian Federation, July 2009 Canada, June 2008 Slovak Republic, February 2009 Chile, January 2010 Slovenia, July 2009 China, February 2010 South Africa, July 2010 Czech Republic, April 2010 Spain, November 2008 Denmark, November 2009 Sweden, December 2008 Estonia, April 2009 Switzerland, December 2009 Euro area, January 2009 Turkey, July 2008 European Union, September 2009 Ukraine, September 2007 Federal Republic of Yugoslavia, January 2003 United Kingdom, June 2009 Finland, April 2010 United States, December 2008 France, April 2009 Germany, March 2010 Greece, July 2009 Hungary, February 2010 Iceland, September 2009 India, October 2007 Indonesia, July 2008 O Ireland, November 2009 E C Israel, January 2010 D Italy, June 2009 E c Japan, September 2009 o n Korea, June 2010 o m Luxembourg, May 2010 ic Mexico, July 2009 S u Netherlands, June 2010 r v New Zealand, April 2009 e y Norway, March 2010 s K O r E a Subscribers to this printed periodical are entitled to free online access. If you do not yet have online access via your institution’s network contact your librarian or, if you subscribe personally, send an e-mail to [email protected]. Volume 2010/12 iSSn 0376-6438 June 2010 2010 SUbSCriPTiOn (12 iSSUES) J u n e iSbn 978-92-64-08321-9 -:HSTCQE=U]XWV^: 2 Volume 2010/12 www.oecd.org/publishing 10 2010 12 1 P 010 June 2010 OECD Economic Surveys: Korea 2010 ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where governments work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of the European Communities takes part in the work of the OECD. OECD Publishing disseminates widely the results of the Organisation’s statistics gathering and research on economic, social and environmental issues, as well as the conventions, guidelines and standards agreed by its members. ISBN 978-92-64-08321-9 (print) ISBN 978-92-64-08322-6 (PDF) Series: OECD Economic Surveys ISSN 0376-6438 (print) ISSN 1609-7513 (online) OECD Economic Surveys Country ISSN 1995-364X (print) ISSN 1999-0707 (online) Also available in French. Photo credits: Cover © Comstock/Comstock Images/Getty Images. Corrigenda to OECD publications may be found on line at: www.oecd.org/publishing/corrigenda. © OECD 2010 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of OECD as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d’exploitation du droit de copie (CFC) at [email protected]. TABLE OF CONTENTS Table of contents Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Assessment and recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Chapter 1. Sustaining the recovery from the global financial crisis by promoting Korea’s medium-term growth potential. . . . . . . . . . . . . . . . . 21 Korea’s recovery from the global financial crisis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Korea’s short-term economic outlook. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Korea’s growth prospects over the longer term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Policies to promote growth and sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Annex 1.A1. The2008 crisis: a case of déjà vu for Korea? . . . . . . . . . . . . . . . . . . . . . . 44 Chapter 2. Macroeconomic policy: theexitfromfiscal andmonetarystimulus . . . . . 49 Fiscal policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Monetary and exchange rate policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Chapter 3. The Korean financial system: overcoming the global financial crisis and addressing remaining problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 The impact of the global financial crisis on the Korean financial sector . . . . . . . . . 68 A prompt and effective policy response. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 The sound condition of Korean financial institutions made it easier to weather the crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 How to cope with Korea’s vulnerability to capital outflows. . . . . . . . . . . . . . . . . . . . . 82 Addressing remaining problems in the financial sector . . . . . . . . . . . . . . . . . . . . . . . 85 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Chapter 4. Health-care reform in Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 An overview of Korea’s health-care system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 Improving efficiency to contain the growth of health spending. . . . . . . . . . . . . . . . . 109 How to finance health care. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 Ensuring adequate access to health care. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 OECD ECONOMIC SURVEYS: KOREA © OECD 2010 3 TABLE OF CONTENTS Improving the quality of health care. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Chapter 5. Korea’s green growth strategy: mitigating climate change anddeveloping new growth engines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 Mitigating climate change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Creating new growth engines for the future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Improving the quality of life through better air quality. . . . . . . . . . . . . . . . . . . . . . . . 149 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 Boxes 1.1. Taking stock of structural reforms: enhancing productivity growth intheservicesector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 1.2. Taking stock of structural reforms: the labour market. . . . . . . . . . . . . . . . . . . . . . 37 2.1. Economic co-operation with North Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 2.2. Taking stock of structural reforms: reforming the tax system . . . . . . . . . . . . . . . 61 2.3. Summary of recommendations for macroeconomic policy. . . . . . . . . . . . . . . . . . 65 3.1. The legacy of the1997 Asian financial crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 3.2. Measures to enhance the soundness of domestic financial institutions. . . . . . . 84 3.3. Summary of recommendations for the financial sector . . . . . . . . . . . . . . . . . . . . 93 4.1. The Integration Reform: creating a single payer . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 4.2. The Separation Reform: changing the system of pharmaceutical drugs. . . . . . . 107 4.3. Summary of recommendations to reform the health-care system . . . . . . . . . . . 124 5.1. The National Strategy for Green Growth (announced in July2009) . . . . . . . . . . . 131 5.2. The main characteristics of a cap-and-trade emissions tradingsystem. . . . . . . 139 5.3. Summary of recommendations for Korea’s green growth strategy. . . . . . . . . . . . . 151 Tables 1.1. Short-term economic outlook for Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 1.2. Financial status of households by income quintile. . . . . . . . . . . . . . . . . . . . . . . . . 27 1.3. New growth industries announced in January2009 . . . . . . . . . . . . . . . . . . . . . . . . 30 1.4. Time and cost of starting a new business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 1.A1.1. Corporate and financial-sector indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 2.1. Composition of fiscal packages in the major countries . . . . . . . . . . . . . . . . . . . . . 50 2.2. Fiscal stimulus in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 2.3. Consolidated central government budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 2.4. The debt and assets of public corporations and agencies . . . . . . . . . . . . . . . . . . . 54 2.5. Comparison of North and South Korea in2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 2.6. The budget balance in the National Fiscal Management Plan. . . . . . . . . . . . . . . . 58 2.7. The2009 National Fiscal Management Plan for2009-13 . . . . . . . . . . . . . . . . . . . . 59 3.1. The financial-sector restructuring programme. . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 3.2. Liquidity provision by the Bank of Korea to stabilise financial markets . . . . . . . 75 4 OECD ECONOMIC SURVEYS: KOREA © OECD 2010 TABLE OF CONTENTS 3.3. Credit guarantees for small and medium-sized enterprises. . . . . . . . . . . . . . . . . 78 3.4. Indicators for the banking sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 3.5. Indicators for the non-banking sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 3.6. Foreign exchange soundness ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 3.7. International comparison of loan-to-value ratios on mortgage lending . . . . . . . 89 3.8. Loan-to-value regulation in Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 3.9. Debt-to-income regulation in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 3.10. Issuance of asset-backed securities in Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 4.1. Health-care financing in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 4.2. International comparison of health-care services in2007. . . . . . . . . . . . . . . . . . . 105 4.3. Pharmaceutical drug use in major countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 4.4. The expansion of long-term care insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 4.5. Reasons for dissatisfaction with health-care services in Korea . . . . . . . . . . . . . . 121 5.1. Trends in final energy consumption in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 5.2. Decomposition of greenhouse gas emission trends . . . . . . . . . . . . . . . . . . . . . . . . 134 5.3. Share of taxes in energy prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 5.4. Coal production and briquette price subsidy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 5.5. Recovery rate of electricity price by sector in2007 . . . . . . . . . . . . . . . . . . . . . . . . . 141 5.6. The Five-Year Plan for Green Growth (2009-13). . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 5.7. Core green technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 5.8. Per capita energy use by sector in major OECD countries . . . . . . . . . . . . . . . . . . . 149 Figures 1.1. Korea has achieved the strongest recovery from the crisis, ledbyexports. . . . . 23 1.2. Domestic demand growth was also exceptionally strong in Korea . . . . . . . . . . . 24 1.3. Household financial assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1.4. Explaining differences in income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 1.5. Share of the service sector in productivity growth . . . . . . . . . . . . . . . . . . . . . . . . . 29 1.6. International comparison of the stock ofinwardforeigndirectinvestment . . . 33 1.7. R&D spending in the manufacturing and service sectors . . . . . . . . . . . . . . . . . . . 34 1.8. International comparison of agricultural support. . . . . . . . . . . . . . . . . . . . . . . . . . 35 1.9. International comparison of temporary employment . . . . . . . . . . . . . . . . . . . . . . 36 1.10. Long-term projections of the labour force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 1.11. International comparison of female labour force participation rates . . . . . . . . . 38 1.A1.1. Comparison of the economic recoveries fromthe1997and2008crises . . . . . . . 45 2.1. Government gross debt and guaranteed liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 53 2.2. Inter-Korean economic relations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 2.3. Interest rates in Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 2.4. Inflation targets and outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 2.5. Exchange rate trends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 2.6. Monetary conditions in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 3.1. Korea’s capital account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 3.2. External assets and liabilities by type of bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 3.3. Consolidated claims of foreign banks in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 3.4. Equity and bond market developments in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . 71 3.5. Credit conditions in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 3.6. The Bank of Korea’s balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 OECD ECONOMIC SURVEYS: KOREA © OECD 2010 5 TABLE OF CONTENTS 3.7. Government spending to support small and medium-sized enterprises . . . . . . 79 3.8. Korea’s foreign exchange reserves and short-term debt . . . . . . . . . . . . . . . . . . . . 82 3.9. Business conditions and credit risks of small andmedium-sized enterprises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 3.10. Trends in housing prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 3.11. An international comparison of the change in the ratio ofhousingprices to income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 4.1. Korea has achieved the largest increase in life expectancy intheOECDarea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 4.2. Health-care spending in Korea as a share of GDP is the third lowest inthe OECD area. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 4.3. The Korean health-care system. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 4.4. The public sector’s share of health spending in Korea is one ofthelowest in the OECD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 4.5. Comparison of the employed and self-employed in the NHI . . . . . . . . . . . . . . . . 104 4.6. The number of consultations with physicians in Korea isexceptionallyhigh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 4.7. Health spending in Korea has increased sharply in recent years. . . . . . . . . . . . . 110 4.8. Population ageing in Korea is projected to be the fastest intheOECDarea . . . . 111 4.9. Increase in medical costs relative to the consumer price index. . . . . . . . . . . . . . 111 4.10. International comparison of institution-based long-term care . . . . . . . . . . . . . . 115 4.11. Tobacco tax and consumption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 4.12. International comparison of public social expenditure andthetaxwedge in2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 4.13. Change in the tax wedge on labour income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 4.14. Out-of-pocket expenditures on health care. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 5.1. The mid-term target scenario for reducing greenhouse gas emissions in Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 5.2. Korea has become one of the most energy-intensive economies intheOECD area. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 5.3. International comparison of greenhouse gas emissions . . . . . . . . . . . . . . . . . . . . 133 5.4. Revenues from environmental taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 5.5. Government energy RD&D budget as a share of GDP. . . . . . . . . . . . . . . . . . . . . . . 144 5.6. Energy sources in the OECD area in2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 5.7. Share of energy-intensive industries and the service sector acrossOECD countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 5.8. International comparison of emissions of NO and SO in2007 . . . . . . . . . . . . . 150 x x 6 OECD ECONOMIC SURVEYS: KOREA © OECD 2010 This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries. The economic situation and policies of Korea were reviewed by the Committee on 19May2010. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 1June2010. The Secretariat’s draft report was prepared for the Committee by RandallS.Jones, ByungseoYoo and MasahikoTsutsumi under the supervision of VincentKoen. Research assistance was provided by LutéciaDaniel. The previous Survey of Korea was issued in December2008. Information about the latest as well as previous Surveys and more information about how Surveys www.oecd.org/eco/surveys. This book has... StatLinks2 A service that delivers Excel® files from the printed page! Look for the StatLinks at the bottom right-hand corner of the tables or graphs in this book. To download the matching Excel® spreadsheet, just type the link into your Internet browser, starting with the http://dx.doi.org prefix. If you’re reading the PDF e-book edition, and your PC is connected to the Internet, simply click on the link. 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BASIC STATISTICS OF KOREA THE LAND Area (thousandkm2) 100 Major cities, 2009 (millioninhabitants): Agricultural area (thousandkm2) 20 Seoul 10.5 Forests (thousandkm2) 64 Pusan 3.6 Incheon 2.8 Taegu 2.5 THE PEOPLE Population, 2009 (million) 48.7 Civilian labour force, 2009 (million) 24.4 Perkm2, 2009 487 Civilian employment 23.5 Annual rate of change of population, 2009 0.3 Agriculture, forestry, fishing 1.6 Industry 4.0 Construction 1.7 Services 16.2 PRODUCTION GDP, 2009 (trillionwon) 1063.1 Origin of GDP, 2009 (percent of total): GDP perhead (USD) 28196 Agriculture, forestry, fishing 2.6 Gross fixed investment, 2009 (trillionwon) 311.6 Industry 29.8 Percent of GDP 29.3 Construction 6.9 Perhead (USD) 8265 Services 60.7 THE GOVERNMENT Public consumption, 2009 Composition of the National Assembly, Number (percent of GDP) 16.0 June2010: ofseats Central government revenue, 2009, The Democratic Party 84 consolidated basis (percent of GDP) 24.0 The Grand National Party 169 Central government budget balance, 2009, Other 38 consolidated basis (percent of GDP) –1.7 291 FOREIGN TRADE Commodity exports, 2009, f.o.b. Commodity imports, 2009, c.i.f. (percentof GDP) 43.6 (percentof GDP) 38.8 Main exports (percent of total exports): Main imports (percent of total imports): Light industry products 6.7 Consumer goods 10.3 Heavy industry products 90.4 Industrial materials and fuels 58.1 Electronic products 25.8 Crude petroleum 15.7 Cars 7.0 Capital goods 31.6 THE CURRENCY Monetary unit: Won Currency unit perUSD, average of daily figures: 2006 955 2007 929 2008 1101 2009 1275